Key Highlights

• Singapore Exchange (SGX) launches regulated Bitcoin and Ethereum perpetual futures.
• Record outflows from Bitcoin ETFs, with BlackRock's IBIT experiencing significant losses.
• Bitcoin price struggles to maintain stability, fluctuating around the $90,000 mark.
• New Hampshire greenlights a pioneering $100M municipal bond backed by Bitcoin.
• Michael Saylor remains confident in Bitcoin's resilience despite market volatility.

Market Sentiment

• Trend: Bearish, as significant outflows from ETFs and price instability contribute to negative sentiment.
• Investor Behavior: Increased panic selling and record ETF outflows indicate growing investor anxiety.
• Market Outlook: Uncertainty prevails with mixed analyst predictions on Bitcoin's short-term trajectory.

Bitcoin Forecast

Despite the current bearish trend, some analysts predict a potential rebound to levels around $96,900-$103,000. However, fears of a further drop to as low as $56,000 persist amid ongoing market pressures. The market is closely watching the Fed's rate decisions and macroeconomic factors for potential impacts.

Key Events to Watch

• Federal Reserve's upcoming rate decision and its implications on market liquidity.
• Continued regulatory developments, especially concerning ETFs and institutional involvement.
• Technological advancements in security, such as the development of a crypto wallet that uses blood vessel scans.

Trading Insights

Traders should maintain vigilance over the $90,000 support level, as breaking below could trigger further losses. Consider hedging risks with options if exposure to Bitcoin is significant. Watch for sudden market movements following regulatory or macroeconomic announcements.

Top 3 Impact Stories

• BlackRock's IBIT sees a record $523M outflow, reflecting heightened institutional caution.
• Michael Saylor's unwavering support for Bitcoin amidst Strategy's stock volatility and market downturns.
• The launch of regulated Bitcoin and Ethereum futures by the Singapore Exchange, potentially increasing institutional access.

Main Conclusion

The current market is marked by high volatility and bearish sentiment, driven by significant capital outflows and investor uncertainty. While opportunities exist, they come with heightened risk. Traders must stay informed and agile, ready to adjust strategies swiftly in response to new data and market shifts.